BUDGETING
It is important to manage and budget your money carefully. Be cautious about spending money until you are accustomed to the value of the dollar and thoroughly understand how much your essential living expenses will cost. A dollar does not buy much.

The minimum wage is $5.50/hour for work in the United States. It would take nearly 3 hours to buy a 15-dollar book.

A meal in the Student Center costs between $3 and $5.

Renting a room or sharing an apartment will probably cost between $150 and $300 a month. Renting an apartment on your own may cost even more.

REDUCING EXPENSES
Having a roommate is a good way to reduce costs (read the chapter on "Housing").

Maintaining a car costs much more in gas, parking, insurance and maintenance (read the chapter on "Transportation").

You can save a lot of money by buying and cooking your own food, and by bringing food from home with you to school for lunch. "Eating out" at restaurants all the time is expensive.

Buying used clothes and furniture at garage and yard sales will also save you money (read the chapter on "Shopping").

Keep a record of all the money you spend. Knowing how much you spend on books, food, utilities and recreation can help you save money. Whenever you spend money get a receipt.

MANAGING MONEY
How do you manage your money? Do you budget? Do you spend it before you get it? Are you tempted to withdraw money every time you pass an ATM? Do you write a lot of checks a month? Do you need no-fee unlimited checks? Do you want a hard copy of your canceled checks each month? Will you need to exchange foreign currency, or get certified or cashiers checks?

If you have not had to manage money before, this is a good time to start. Make sure you record every transaction, whether you go to the bank or use the ATM. Some banks charge a fee every time you go to the teller in the bank.

BANKING

It is not practical, safe or wise to keep or carry large sums of money. Opening a checking and a savings account can eliminate anxiety about "Where do I put my money?"

CHECKING ACCOUNT

A checking account allows you to pay expenses such as rent and utility bills by taking a check to the rental office or "putting the check in the mail". It provides a record of payments made for goods and services.

SAVINGS ACCOUNT

Your savings account holds the money you want to save. It is only withdrawn in emergencies. If you have both accounts at the same bank you can usually transfer money between the two accounts.

Many banks offer students free accounts. There are several in the area:
Bank South, Citizens Trust Bank, First Union Bank, Bank of America, Wachovia

You can find the names, addresses and telephone numbers of these banks by looking them up in the White Pages Telephone Book under their specific name or look in the Yellow Pages Telephone Book under "Banks". Call or go in person to talk to someone in their Customer Service Department to find out which bank has the services you need. i.e. no fees for checking or savings account, links to international banks.

BANKING TERMS

There are terms to know before asking questions at the bank:

Balance-money left in your account after each transaction and at the end of the month.

Bounced Check-you wrote a check without having money to pay for it. There will be a penalty, a service charge. Persistent check bouncing or, as some people say, writing "rubber" checks, can cause legal problems.

Canceled Checks-checks that have been paid.

Interest-the extra amount your money earns.

Minimum Balance-the lowest amount you can have in your checking or savings account without having to pay a monthly fee.

Monthly Fee/Service Charge-the total amount deducted from your account each month to cover the bank's charge for the record keeping of your account. A service charge is also the amount charged against your account if you have "insufficient funds" to cover a check that is written.

Penalty-a fee charged against your account.

ATM (Automatic Teller Machine)

Computerized device that allows bank customers to make withdrawals or deposits 24 hours, seven days a week. A plastic instant access card, a PIN (Personal Identification Number), AND available funds (money) are all you need to perform your banking functions.

Some teller machines have a service charge. If you use an ATM from another bank to get to your money, there typically is a service charge from your bank and the other bank. Unless it is an emergency, only use an ATM associated with your bank.

ATMs on campus are located on the Parking Lot B side of the Student Center near the Bookstore.

It can be dangerous using an ATM in an isolated area and/or at night. Plan your transactions so you access your money in a well-lit, well-traveled area.

Banking by machine" has limitations such as a maximum amount of money (usually $200.00) that can be withdrawn per day and occasional problems with the machines.

If your card is lost or stolen, someone may access your accounts and withdraw your money if they figure out your PIN. Be careful with your card and memorize the personal identification number. Don't store them together. Contact your bank immediately if you lose your card.

CHOOSING A BANK

Before making your decision on which bank to use, it might be helpful to have the answers to the following questions:

• Does the bank have student accounts? What services do they include?
• What different banking options are offered? What other services does the bank offer - safe deposit box, exchange foreign currency, getting certified or cashiers checks? How much does it cost for me to use these services?
• Is there a minimum balance required in the checking or savings account? If my balance goes below the minimum is there a penalty? How much?
• Will my checking or savings account earn interest? How much?
• If I have a checking account here, do I get a free savings account? Or if I have a savings account, will I get a free checking account?
• What is the per check charge? How many free checks can I write per month?
• What is the ATM charge per transaction and per month?
• What is the teller charge per transaction and per month?

When you go to the bank armed with knowledge of banking terms and aware of your personal banking needs, you should be able to get the banking services that match your needs.

Checks

When writing a check please remember:

• Write the date you are writing the check.
• Write the name of the person or business receiving the payment.
• Write the amount in Arabic numerals. Put the first number directly after the dollar sign. Do not leave space for anyone to alter the number with an additional number.
• Write out the dollar amount and put the cents in a fraction over 100 - $15.38 becomes "Fifteen and 38/100".
• Fill the entire "amount" line on your checks to prevent the amount of the check being altered.
• Sign your name as printed on your checks.
• Note the purpose of the payment in the left-hand corner of the check and in the check register.

When you order your checks, think about whether or not you want to have your telephone number on them.

Credit/Charge Cards

Banks, charge card companies, financial organizations and stores may approach you about getting a credit card. Or you may apply on your own. A credit card allows you to buy now and pay later. They can be used to purchase many things. They are especially useful for purchasing expensive items. An installment plan is used where each month you pay a portion of the purchase price and the interest. All charge cards charge interest. This is how they make their money. The rate varies. Look for the lowest interest rates, especially if your payment will be extended.

Charge very wisely. Credit card debt is on the rise. You will be surprised how fast you too can get in debt with charge cards. Pay off the entire balance as soon as possible. Don't pay just the minimum amount due, if at all possible.

Along with interest, some credit cards charge an annual fee. This is the amount you pay each year as a charge for having the card. Look for cards with no or a low annual fee. Credit cards can be a help or a hindrance. It depends on how you use them. Think! Many a student has graduated in charge card debt. Remember, those bills must be paid.

Did you know...

• A coin was minted in England shaped like a clover? Any of the 4 leaves could be used separately as currency.
• There is unclaimed money in American banks belonging to Adolf Hitler and other Nazis? It was deposited years before America entered WWII and no one knows what to do with it.
• One out of every 8 letters used in written English is an "e"?
• "Happy Birthday To You" is the song most frequently sung in the western world? It was written by Mildred and Patty Hillin in 1936, and their estate still collects royalties.
• The first and last letter of each continent's name is the same: AmericA, AntarcticA, EuropE, AsiA, AustraliA, and AfricA?
• Cyclones and typhoons are hurricanes with different names, based on the region in the world they occur? According to the National Hurricane Center in Miami, hurricanes become typhoons at the International Date Line: 180 degrees west longitude. The Pacific hurricane season begins May 15 and the Atlantic season begins June 1. Both end Nov. 30. The Pacific beats the Atlantic in number of storms and hurricanes. In an average year, 8 out of 16 Pacific named storms become hurricanes, while in the Atlantic 6 out of 10 storms become hurricanes.